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strategy Flashcards

1
Q

three ways to define strategy

A

chandler: objectives and goals
porter: unique mix of values
mintzberg: pattern in stream of decisions

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2
Q

what is strategy general

A 
long term direction of orga
process od outcome 
horizon one: extend and defend core business 
horizon two: emerge new business
horizon three: create value options
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3
Q

mintzbergs 5 Ps

A

plan (plan in advance)
ploy ( specific manoevre to outwit competitor)
pattern (reallife strategy what cjsnges in execution)
position (choose important view)
perspective (divide organisation in internal and external)

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4
Q

levels of strategy

A

coporation-what business are we in what scope
business - how do we compete
operational - how do we support our business strategies

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5
Q

external analysis parts

A

pestel do divide organisations environment
five forces for market attractivness
for competitors strategic groups, segments
for organisation strategic capabilities

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6
Q

pestel

A

politcal (government constraints, trade restriction, taxation)
ecological (climate change)
social (culture, norms, attitudes)
technology (innovation, infrastructure)
economic (unemployment rates, interest rates, personell income, growth rates)
legal

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7
Q

five forces categories

A

threat of new entrants
threat of substitutes
bargaining power of supplier
bargaining power of buyer

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8
Q

threat of new entrants

A 
undifferentiated product
customer loyality and switching costs
economy of scale and network effects
distribution channel access
capital requirments
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9
Q

threat of substitute

A

low switching costs

adequate price performance ratio

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10
Q

bargaining power of supplier

A

low concentration
highly differentiated product
few subsitutes

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11
Q

bargaining power of buyer

A

low buyer concentration
many substitutes
loe switching costs

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12
Q

rivalry (fice forces)

A

high when low market growth
many competitors
high exit barriers

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13
Q

issues of five forces

A

difficult to define market with overlapping or complementory markets

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14
Q

industry life cycle

A

developement: low rivalry, high growth, weak buyers
growth: low rivalry some entry barriers
shake out: increasing rivalry, slower growth, sole exists
majurity: low growth, high entrance barrier, standard products
decline: no growth, exits and price competition

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15
Q

relevant market

A

narrow for tacticsl decisions like marekt share

broad for strategic decisions to discover market segments with growth opportunities or possible new entrants

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16
Q

relevent market competitor and customer defined

A

competitor defined:
production costs, technology, distribution channels
customer defined:
customers needs, substitutes

17
Q

strategic groups

A 
resource based:
quality and effort 
scope based:
product range and geographical scope 
according to strategic behaviour
18
Q

steps of strategic groups

A
  1. select companies
  2. determine criteria
  3. form groups
  4. select companies
19
Q

internal analysis

A 
strategic capabilties 
vrio 
supply chain analysis
strategic priority analysis
competitive advantage 
swot
20
Q

strategic capabilities

A

resources thst company owns

competencies to use those

21
Q

vrio

A

value
rarity
inimitability
organisational support

22
Q

value chain

A

primary activities: in and outbound logistics, marketing, services, operations
secondary: hr, technology, infrastructure

23
Q

strategic priority analysis

A

see how much budget into activity how important is activity for strategy
how does it perform

24
Q

identifying competitive advantage

A
  1. what do better
  2. what is the source for this advantage
  3. are these activities vrio
25
swot
combination of strength and weaknesses from internal analysis and opportunities and threats from external analysis
26
market vs resource based view
``` market: assess market select market strategy formulation deploy needed resources ``` resource based: strength and weaknesses identify competitive advantage and industry where you are rewarded for it identify competitive advantage you need in that industry strategy formulation
27
strategic taxonomies
economy of scale economy of scope experience curve
28
economies of scale
``` the bigger production volume the cheaper production through: -cost spreading -specialisation of labour and technology -increasing bargaining power ```
29
diseconomies of scale
- physical limitations (increases machine breakdown) - specialisation demotivates workers - increases distance to market - managerial diseconomies
30
economie of scope
``` production of product A supports production of product B —syergies between business units -share resources -pool negotiation power -coordinate strategies ```
31
experience curve
``` with each doubling in production volume the unit price decreases of 15% -learning effect in labour -economies of scale -technology improvement impact on strategic management: -cost advantages -increase market share and ROI ```
32
generic strategies
cost leader cost focus differentiator differentiation focus
33
cost leader and cost focus
leader: low costs, target whole market, increase market share for economies of scale mistake: focus to much on costs and not market changes focus: only target one segment
34
differentiator vs differentiation focus
high degree of differentiation focus on whole market, no economies of scale or scope, focus on innovation an price premium problem: customers do not value uniqueness and do not pay focus: only one wegment, understand high purchasing power
35
ansoff matrix
-market penetration: old product increase market share by convincing customer to higher frequency of use or quantity of product -new products: product innovation, improvment or product line extension, old market, cross selling -market developement new geogrpahical market with old product -conglomerate diversification new market and new product rather related or unrelated to old market, economies of scope for related market
36
corporate rationals
portfolio manager: focus downwards, invest into business units synergie manager: across, share strategy and production plants parental developer: downwards, do not share but hand down parental competencies
37
bcg matrix
market share and market growth cash cow: high share low growth (further liquidity) stars: high share high growth (invest) dogs: low share low growth (withdraw products) question marks: high growth low share (high investment)
38
mckinsey portfolio
``` 9 variables on two axes market attractivness -market quality -competition intensity -entry barriers -raw material -environmental situation -market growth competitve position -market position -quality of employees -quality of systems -production potential -r and d potential ```

integrative (15 decks)

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